Asset Lifecycle Management – The Digital Solution

Abstract

The challenges presented in the current market environment demand operational efficiency with low risk tolerance. Maximizing uptime and reducing unplanned events is paramount to preserve revenue. Asset Lifecycle Management (ALCM) is a strategy built to capitalize on the use of data analytics, superior system integration, and comprehensive condition assessments. This strategy is intended to produce significant benefits and maximize shareholder return through the optimization of maintenance, operations, and inventory. Traditional schedules of maintaining equipment can be replaced with automated analytics enhanced by equipment design knowledge and historical data. Developing technology enables a cost-effective means of applying this capability. Monitoring equipment condition and advanced analysis of equipment data compared to design parameters and historical performance provides valuable insight into the actual usage and lifecycle of the equipment. Design life utilization (usage) of critical load path drilling equipment can be determined by comparing how much work the equipment has done to how much work it was designed to do. This paper explores new methods of analyzing operational and equipment data, enabling the creation of robust usage models. These models are compared with the analysis of vibration, oil, fatigue, dimensional, and other physical inspection data. This empowers a comprehensive usage and condition monitoring paradigm that is data driven. Case studies performed on multiple drilling rigs proves extremely low usage and supports the deferral of traditional 5-year overhauls on this equipment. Modeling of normal operations is also explored, and a hook load model is created. The statistical analysis available from this operating model is compared to historical operational and maintenance records and proves to track an actual failure, thus substantiating value for anomaly detection if used real-time.